The Global Government Debt Bubble: Ireland Edition

The global recession has caused deficits to balloon almost everywhere, and governments worldwide are considering their own massive programs to stimulate their economies. So the United States will be offering this great wave of federal debt to the credit markets while most other countries will be doing the same. Because interest rates are set on global markets, this even larger global wave of government debt is likely to have much greater interest rate effects than would be the case if the United States were acting alone.

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[…] Ireland’s governmental debt has blown up and they may default. One thing Heritage points out that a lot of people have missed is that the US isn’t the only country running major budget deficits, and with all of these governments looking for additional funds, interest rates are going to go up, especially if national credit ratings become tarnished. The fact that the US is adding trillions of debt (and not even counting long-term debt in Social Security and Medicare) means that the Global Debt Bubble is coming. […]

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